Sy-led shopping mall developer and operator SM Prime Holdings Inc. (SMPHI) is set to expand its existing SM City Bacolod in two phases within 2012 up to 2014 with a budget of P1.4 billion which will in turn generate additional jobs of 2,000.

The SM City Bacolod Annex, located at Rizal Street in the Reclamation Area of Bacolod City, will add 102,043 square meters (sqm) of gross floor area (GFA) to the main mall, increasing SM City Bacolod’s total GFA to 171,380 sqm. The Annex will offer 81,204 sqm of gross leasable area.

SMPHI president Hans Sy noted that expansion of SM City Bacolod is their way of paying tribute to the residents of Bacolod City and of nearby areas.

He said the expansion clearly manifests the company’s steadfast commitment to assist in the further development and progress of the city through increased tax payments to the local government, as well as by providing residents an improved destination mall and a highly viable venue for business and commerce.

“Our continuing business expansion only affirms our commitment to provide for better retail facilities and services in cities and municipalities that are fast emerging from greater economic stability fueled by remittances from overseas workers and the growth in the business process outsourcing (BPO) sector,” he said.

SM Prime first opened in Bacolod in March 2007, its third mall in the Visayas, in addition to existing SM City Cebu and SM City Iloilo.

SM City Bacolod originally has 71,759 sqm of gross floor area and divided between two structures, namely, Buildings A and B, anchored by SM Department Store and SM Supermarket.

Notably, there are also Bacolod-based tenants such as Deco’s La Paz Batchoy, Bob’s Restaurant, and Chicken Deli.

Total investment cost to put up the existing structure was at P1.6 billion and the mall currently provides employment for 3,000 people.

Bacolod City, the capital of Negros Occidental, is also referred to as the City of Smiles and is known for its famous MassKara Festival held every October. It was cited for having the most business-friendly local government unit in the Visayas for 2006.

In addition, the city is a major venue for commerce and finance in the province and hosts several notable BPO companies.